Redx Pharma Gets $4 Million as Milestone Payment From AstraZeneca

By Adria Calatayud

Redx Pharma PLC said Thursday that it has received a milestone payment from AstraZeneca PLC of $4 million on the back of progress in the development of RXC006, a preclinical drug candidate targeting fibrotic diseases.

Redx, a London-listed drug-discovery company, said the payment is part of early payments of $17 million under a licensing agreement between the two parties disclosed in August. In addition to the $17 million in payments before the start of clinical trials, Redx might receive up to a further $360 million in development and commercial-milestone payments throughout the course of the program, it said.

Redx said RXC006 is a preclinical porcupine inhibitor targeting fibrotic diseases including idiopathic pulmonary fibrosis.

Shares in Redx at 0719 GMT were up 6.8% at 62.50 pence.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

June 17, 2021 03:42 ET (07:42 GMT)

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